All Forum Posts by: Krystof Pilisiewicz

Hi @Jd Martin,

Currently I own a house and between my tenements and expenses I need to put 870$ towards my bills (that include everything: water, electric, cable, etc.) But at the same time, I live for $870, and I own $900K property that goes up 6% in value each year. However, If I move out from my current property and fully rented out, I will be making $1400 a cash flow that could feed my expenses in the second house that I`m planning to buy. But still, I would have to add about 200$ each month to the new property because I would be renovating it and will not be able to rent my basement (that`s about $900 in extra income a month) right away. So maybe instead of being focus too much on cash flow from the start, I need to buy the second house, put my money towards the bills for the first year before I find/buy a third house.

I think if I buy a third house, and entirely rent both of my properties I will be making around 2K each month in cash flow. Again, maybe I need to look for a big picture rather than tomorrow`s rent.

Hi @Christopher Phillips,

Thanks for your note! I put more details in above answer, so hopefully, that will make more sense to you. My struggle is, should I start thinking long term benefits later after a year or 2, or start cashing in right after the start? Of course, living in NYC might not help to get the cash flow right away.

Currently, I 'm looking for this cash-flow-right-after-the-first-month deal, but I might look and look. and never find it because of my market.

Hi,
I want to run some numbers by you, and see if my purchase would make sense.

I live in NYC so I`m trying to be creative with my approach. I will be managing this property on my own, and do fixes on my own.

Here you go:

This is a 2-family house (frame) with unfinished basement with 3 garages. Listing price $799K
- first floor (2 bedrooms)
- second floor (2 bedrooms, with enough space that I can add an extra bedroom, so I eventually I would have 3 bedrooms)

Expenses:

- Mortgage $3,643 a month (10% down-payment with 4.5% on a loan)
- Taxes $425 a month
- Insurance: $160 a month
- W&S: $160 a month
- Heat: $140 a month
- CapEx: $54 (2%)
- Vacancy: 54 (2%)
Total expenses: $4,636

Income:
1st Floor apt - $1800
2nd Floor apt - $2000 (because of the 3 bedrooms)
Basement – $900 (after I finish it)
Garage #1- 200
Garage #2- 200
Garage #3- 200
Total income: $5300

Does this make sense to you? Am I missing something? Should I add more to expenses, especially for CapEx and vacancy?

Love to hear your thoughts.
Thanks!

Hi,

I want to run a question by the community and see if a Hack purchase, have to bring a positive cash flow right from the get-go.

I `m running my numbers, where I plan to buy a property (duplex, triplex), but somehow it doesn`t seem I can break even right after the purchase. It seems I need to move out from the property to start producing cash flow.

At the same time, if I live in the house I will be paying almost nothing for mortgage + the expenses (insurance, water, taxes etc).

So what do you think? Should I not focus so much on the cash flow right from the first month, but just find a property that will eventually start producing cash flow.

To add, I live in NYC, and I'm trying to work with the NYC market.

Let me know your thoughts.

Thanks!

Hi Ethan,

Thanks so much for your reply!

Hey Mario,

Good luck to you. You found a great place for education!

Kris

Hi, @Mark Y

That is just a horror story for a landlord.

 I don`t know what to tell you but to hire a good lawyer and appeal the verdict. if you stuck, try to call your local newspaper or TV and see they can do a program on this. See if you can get help from someone else and not deal with this entirely on your own.

Sorry to hear about the problem, but I guess early notice that something is not right (sheetrack, new ppl in the building would be a red flag) I love the idea of having a lock that doesn't allow others to get a new set of keys without your involvement.

Good luck to you and keep us posted how it turns out!

Hi, I wonder if anyone used HomeUnion and if you would recommend them? I know we should run the numbers on our own, but have you worked with companies like this one and made money? 

Thanks!

Hi @Solon Stephanou,

I just replied to your other post.

You should be fine with this eviction. See if you can give them some money, but this doesn`t mean this will work out. Even if they take the cash, they can stay in the house. I had tenants that were telling me month-by-month that they are looking to move out and eventually we had to go to court regardless. I even offered them some money and nothing worked.

I would not wait for the tenants to make up their mind and just go to the court right away. NYC gov websites have good explanations on how to do this. First of all, stop collecting the rent from them. This is a must before you can file anything in the court. In the end, after the court and all, they have to give you back the rent money that they didni`t pay anyways, but if you collect the rent from them now, that means you are ok with them living there.

Good luck!

Hi @Solon Stephanou,

The eviction process depends on the type of the building the tenants occupied. If this is 1, 2-family house that should be easy and it should take you about 2-3 months.

I did this on my property (2-family house in Ridgewood, Queens) when I had to evict an older couple who didn't want to agree to my increase of the rent and didn`t want to move. Hire a lawyer who does this, and you will be fine.

Good luck!